Asana Inc (NYSE:ASAN) stock fell 11.86% (As on June 3, 11:43:57 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 23. Non-GAAP net loss was $57.4 million, compared to non-GAAP net loss of $33.8 million in the first quarter of fiscal 2022. Cash flows from operating activities were negative $41.1 million, compared to negative $7.4 million in the first quarter of fiscal 2022. Free cash flow was negative $42.2 million, compared to negative $7.7 million in the first quarter of fiscal 2022. ASAN ended the quarter with over 126,000 paying customers. The number of customers spending $5,000 or more on an annualized basis in Q1 grew to 16,689, an increase of 48% year over year. Revenues from these customers in Q1 grew 73% year over year. The number of customers spending $50,000 or more on an annualized basis in Q1 grew to 979, an increase of 102% year over year. Overall dollar-based net retention rate in Q1 was over 120%. Dollar-based net retention rate for customers with $5,000 or more in annualized spend in Q1 was over 130%.

ASAN in the first quarter of FY 23 has reported the adjusted loss per share of 30 cents, beating the analysts’ estimates for the adjusted loss per share of 35 cents. The company had reported the adjusted revenue growth of 57 percent to $120.6 million in the first quarter of FY 23, beating the analysts’ estimates for revenue of $115.05 million. Non-GAAP operating loss was $54.7 million, or 45% of revenues, compared to non-GAAP operating loss of $33.3 million, or 43% of revenues, in the first quarter of fiscal 2022.

Asana, Inc. sees Q2 2023 EPS to be in the range of ($0.39)-($0.38), versus the consensus of ($0.32). Asana, Inc. sees Q2 2023 revenue to be in the range of $127-128 million, versus the consensus of $125.31 million. For the second quarter of fiscal 2023, Asana expects Non-GAAP operating loss to be in the range of $74.0 million to $72.0 million.

Meanwhile, the company recently announced a new strategic partnership with Align Technology, a leading global medical device company, to provide Invisalign® system trained dental and orthodontic practices in the U.S. with Asana Smiles™ for Align, a customizable Health Insurance Portability and Accountability Act (HIPAA) compliant work management template, enabling clearer communication and coordination throughout the lifecycle of a patient’s Invisalign treatment.